GOLD Monthly – June 2014

Gold is still trading within its M0-1-2 cycle fork as shown below. Prices are at the MLU and hence gold is still on the overbought side. Gold has still not elected a weekly bearish confirmation and is still trading within the red triangle shown above. Prices closed below last months support at 1267 and immediate resistance is now at 1269, with the next level of resistance at 1303. Note the gap that has opened to the next support level at 1162. So at the monthly level a possible retest of 1300 before going to new lows before the end of October but depending on smaller fractal wave formation we could have a retest of 1200 as soon as this month! Closing support and resistance levels are shown.

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